Areva T&D India has won a Rs50 crore contract for the modernization of the Chennai airport, from Herve Pomerleau International – Consolidated Construction Consortium Limited JV.
The contract is for a power supply system package to develop the Kamraj Domestic Terminal, Phase-II, expansion of the existing Anna International Terminal, and face-lifting of the existing terminals at Chennai Airport.
Given the rich valuations, we expect the stock to underperform, and maintain our SELL recommendation on the stock.